Douglas Todd: Canada’s housing market has turned on its head. Five things to know.

Prices have already dropped 15 per cent and more in some suburbs of Vancouver and Toronto. With the Bank of Canada raising lending rates in the past couple of months, the typical five-year fixed-rate mortgage has jumped from about 1.75 per cent to five per cent and more. Even with residents of Vancouver and Toronto struggling with some of the most unaffordable property in the world (the typical price in Greater Vancouver is $1.26 million), pandemic investors were among those making several offers on homes, squeezing out first-time buyers again.

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